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Protective Life Corporation (NYSE: PL) (“PLC” or “the Company”) today reported results for the fourth quarter of 2012. Net income available to PLC’s common shareowners for the fourth quarter of 2012 was $66.8 million or $0.82 per average diluted share, compared to $86.0 million or $1.02 per average diluted share in the fourth quarter of 2011. After-tax operating income was $79.7 million or $0.98 per average diluted share, compared to $81.8 million or $0.97 per average diluted share in the fourth quarter of 2011.

Net income available to PLC’s common shareowners for the twelve months ended December 31, 2012 was $302.5 million or $3.66 per average diluted share, compared to $315.4 million or $3.65 per average diluted share for the twelve months ended December 31, 2011. After-tax operating income was $312.7 million or $3.78 per average diluted share, compared to $283.8 million or $3.28 per average diluted share for the twelve months ended December 31, 2011.

“We are delighted to report excellent results for the quarter and the year,” said John D. Johns, Chairman, President and CEO. “Notwithstanding the headwinds presented by low interest rates and a challenging competitive environment, we delivered record operating earnings and an increase in our operating return on equity. Across the board, our team rose to the challenges and efficiently executed our business plans for the year. We believe that we are very well positioned to continue our strong earnings momentum and operating fundamentals in 2013.”

Business Segment Results

The table below sets forth business segment operating income before income tax for the periods shown:

Operating Income Before Income Tax

($ in thousands)

For the

For the

three months ended

twelve months ended

December 31,

December 31,

2012

2011

2012

2011

Life Marketing

$

15,642

$

33,810

$

105,032

$

96,123

Acquisitions

42,191

41,545

171,060

157,393

Annuities

45,348

24,230

119,092

80,224

Stable Value Products

18,675

14,226

60,329

56,780

Asset Protection

859

6,706

16,454

25,407

Corporate & Other

928

(4,416

)

(3,203

)

5,767

$

123,643

$

116,101

$

468,764

$

421,694

The following table reconciles segment operating income to consolidated net income available to PLC’s common shareowners:

For the

For the

three months ended

twelve months ended

($ in thousands)

December 31,

December 31,

2012

2011

2012

2011

Operating income before income tax

$

123,643

$

116,101

$

468,764

$

421,694

Realized investment gains (losses)

(25,613

)

7,558

(29,830

)

54,103

Less:

Related amortization of deferred policy acquisition costs and value of business acquired

(5,689

)

1,022

(14,037

)

5,566

Income tax expense

36,923

36,603

150,519

154,839

Net income available to PLC’s common shareowners

$

66,796

$

86,034

$

302,452

$

315,392

Sales

The Company uses sales statistics to measure the relative progress of its marketing efforts. The Company derives these statistics from various sales tracking and administrative systems and not from its financial reporting systems or financial statements. These statistics measure only one of many factors that may affect future profitability of the business segments and therefore are not intended to be predictive of future profitability.

Product Features:

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